Walker Clark

strategic combinations a reading list of recent news and commentary January 2020

Walker Clark Strategic Combinations Digest January 2020

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Legal ops company in combo. Legility and Inventus to combine and aim to create “world's preferred partner” for legal operations services. ........ 4

Troutman Sanders and Pepper Hamilton agree to merge creating a top 50 US firm ................................................................................................... 4

Taft, Lathrop GPM Officially Tie the Knot, Kicking Off 2020 Law Firm Mergers ............................................................................................................ 5

Decade of Mergers: 10 Big Law Tie Ups that Shaped the 2010s (2) .............................................................................................................................. 5

Two prominent political law firms merge ...................................................................................................................................................................... 5

Blaser Mills Law to merge Amersham and Rickmansworth offices from next month .................................................................................................. 6

Nishimura & Asahi in Thai combo .................................................................................................................................................................................. 6

Mumbai’s Vertices merges with corp boutique Ray Menon to open in Gurgaon ......................................................................................................... 6

Bingham goes big: Combination with Dentons part of ‘national law firm’ launch ........................................................................................................ 7

Lindsays acquires Edinburgh law firm Hadden Rankin .................................................................................................................................................. 7

Schjodt expands in Nordic combo ................................................................................................................................................................................. 7

Cambridge law firms merge ........................................................................................................................................................................................... 8

Are Law Firm Mergers Hot or Not? It Depends Who's Counting ................................................................................................................................... 8

Tilney and Smith & Williamson strike £1.8bn wealth management and professional services deal ............................................................................ 8

All Things To All People .................................................................................................................................................................................................. 9

Dentons announces mergers with two firms in Lusophone Africa ................................................................................................................................ 9

Occupational health firms merge to create new business .......................................................................................................................................... 10

U.S. Firms Are Drawn to Singapore Despite the Barriers to Entry ............................................................................................................................... 10

International firms call off transatlantic merger ......................................................................................................................................................... 11

Top immigration law firms join forces ......................................................................................................................................................................... 11

Penningtons Manches completes merger with shipping specialist Thomas Cooper .................................................................................................. 11

Volume of mergers dips as larger deals slow .............................................................................................................................................................. 12

Seattle Firms Foster Pepper, Garvey Schubert Barer to Merge .................................................................................................................................. 12

The Two Women Who Put a Billion Dollar Law Firm Together ................................................................................................................................... 12

Walker Clark Strategic Combinations Digest January 2020

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Dentons to open in Zimbabwe ..................................................................................................................................................................................... 13

Law firm Thomas Cooper completes merger to expand fintech expertise ................................................................................................................. 13

Shuaa Capital nears merger with Abu Dhabi's ADFG ................................................................................................................................................... 13

Greenberg Traurig Lands in Italy .................................................................................................................................................................................. 14

Compiled and edited by Curtis W. Hovey, Walker Clark LLC

Walker Clark Strategic Combinations Digest January 2020

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01/13/2020 Legal ops company in combo. Legility and Inventus to combine and aim to create “world's preferred partner” for legal operations services.

Global Legal Post www.globallegalpost.com/big-stories/legal-ops-company-in-combo-11953350/

Legility, a US provider of legal operations services, said it acquired Inventus for its eDiscovery technology and the two companies will combine operations early this year. The combined company will deliver a broader range of technology-enabled legal services for the growing global legal operations market.

01/09/2020 Troutman Sanders and Pepper Hamilton agree to merge creating a top 50 US firm

Global Legal Post http://www.globallegalpost.com/big-stories/troutman-sanders-and-pepper-hamilton-agree-to-merge-creating-a-top-50-us-firm-4021811/

The partnerships at the national US law firms Troutman Sanders and Pepper Hamilton have voted to merge to create a top 50 US law firm. The combined firm – to be called Troutman Pepper - will boast 1,100 lawyers working out of 23 offices.

In a joint statement, the firms said their combined revenue would be more than $900m giving them a projected Am Law 100 ranking of 47th.

Walker Clark Strategic Combinations Digest January 2020

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01/03/2020 Taft, Lathrop GPM Officially Tie the Knot, Kicking Off 2020 Law Firm Mergers

Law.com https://www.law.com/americanlawyer/2020/01/03/taft-lathrop-gpm-officially-tie-the-knot-kicking-off-2020-law-firm-mergers/?slreturn=20200006111245

Leaders at both Taft and Lathrop GPM said their respective mergers went as smoothly as they could have hoped. Taft now boasts 600-plus lawyers across 12 offices, while Lathrop GPM says it has nearly 400 lawyers across 14 offices. The merged firms’ combined revenues have Taft poised to claim a berth in the Am Law 100, and Lathrop likely to catapult from the lower to the middle Second Hundred.

12/26/2019 Decade of Mergers: 10 Big Law Tie Ups that Shaped the 2010s (2)

BigLawBusiness.com https://biglawbusiness.com/decade-of-mergers-10-big-law-tie-ups-that-shaped-the-2010s

Here we look back at some of the largest law firm mergers over the last 10 years.

12/3/2019 Two prominent political law firms merge

BizJournals.com https://www.bizjournals.com/sacramento/news/2019/12/03/two-sacramento-political-law-firms-merge.html

Olson Hagel & Fishburn LLP and Remcho Johansen & Purcell LLP said Tuesday that they will be merging in January. Attorneys from both firms were the principal drafters of Proposition 34, which sets a framework for California’s campaign finance law. The firms are known for advising on how politicians, nonprofits and ballot measure committees can use campaign funds and be compliant in their participation in elections.

Walker Clark Strategic Combinations Digest January 2020

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11/13/2019 Blaser Mills Law to merge Amersham and Rickmansworth offices from next month

BucksFreePress.co.uk https://www.bucksfreepress.co.uk/news/18033032.blaser-mills-law-merge-amersham-rickmansworth-offices-next-month/

The merger was announced just a week after Blaser Mills Law were regarded as one of the best law firms in the world, following their increase of recommendations on the Legal 500. The Legal 500 is a website that ranks all the law firms across the globe based on successful cases and their treatment of clients.

11/06/2019 Nishimura & Asahi in Thai combo

Global Legal Post http://www.globallegalpost.com/big-stories/nishimura--asahi-in-thai-combo-10666816/

Japanese law firm Nishimura & Asahi has merged with Thai SCL Law Group to form SCL Nishimura. The deal will create one of Thailand’s largest Japanese law firms, and the firms says it will make it one of the largest, well-resourced and most diverse international business law practices in Southeast Asia

10/21/2019 Mumbai’s Vertices merges with corp boutique Ray Menon to open in Gurgaon

Legally India https://www.legallyindia.com/lawfirms/mumbai-s-vertices-merges-with-vc-boutique-ray-menon-to-open-in-gurgaon-20191021-10944

Mumbai-headquartered Vertices Partners has opened in Gurgaon, headed by partner Shraddha Ray Menon, who had merged her boutique Ray Menon Law into the firm in October.

Vertices had operated from Mumbai since it set up in 2016 by three Economic Laws Practice (ELP) alumni, while RML had started in Gurgaon in 2013.

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10/16/2019 Bingham goes big: Combination with Dentons part of ‘national law firm’ launch

The Indiana Lawyer https://www.theindianalawyer.com/articles/bingham-goes-big-combination-with-dentons-part-of-national-law-firm-launch

Combining with Bingham Greenebaum Doll and Pittsburgh-based Cohen & Grigsby will give Dentons coverage in 33 U.S. markets, including 9 of the 10 largest in the nation, and 181 offices around the globe.

10/14/2019 Lindsays acquires Edinburgh law firm Hadden Rankin

Daily Business https://dailybusinessgroup.co.uk/2019/10/lindsays-acquires-edinburgh-law-firm-hadden-rankin/

Lindsays, the Scottish legal firm, has acquired the Edinburgh-based practice Hadden Rankin. The deal, which is termed a merger, took effect on 28 October and will see all Hadden Rankin staff transfer to Lindsays, with no redundancies. Hadden Rankin’s founding partners – Ross Hadden and Dot Rankin – will become partners at Lindsays.

10/10/2019 Schjodt expands in Nordic combo

Global Legal Post http://www.globallegalpost.com/big-stories/schjodt-expands-in-nordic-combo-62755193/

Schjodt and Hamilton say the combination of the two leading law firms creates one of the largest firms in the Nordics and is now the first premier Norwegian-Swedish law firm and sixth largest Nordic firm by turnover.

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10/4/2019 Cambridge law firms merge Insider Media https://www.insidermedia.com/news/central-and-east/cambridge-law-firms-merge

Cambridge law firms Harrison Clark Rickerbys (HCR) and Houlden Sweeney have merged. Harrison Clark Rickerbys now has more than 500 staff and partners based at offices in Cambridge, London, the Thames Valley, Birmingham, Worcester, Hereford, Cheltenham and the Wye Valley.

10/01/2019 Are Law Firm Mergers Hot or Not? It Depends Who's Counting

Law.com https://www.law.com/americanlawyer/2019/10/01/are-law-firm-mergers-hot-or-not-it-depends-whos-counting/?slreturn=20191003102319

Confused about the state of the law firm merger market? You’re probably not alone. Two legal industry consultancies that track law firm mergers issued very different assessments of merger activity for the third quarter of 2019 this week, with one detailing a slowdown and the other suggesting it was a summer of love for the industry.

9/19/2019 Tilney and Smith & Williamson strike £1.8bn wealth management and professional services deal

Cityam.com https://www.cityam.com/tilney-and-smith-williamson-strike-1-8bn-wealth-management-and-professional-services-deal/

The combined firm will be called Tilney Smith & Williamson and have revenue of approximately £500m and profit of around £150m, and able to support clients from across the wealth spectrum with a comprehensive range of services for both their personal wealth management and business needs.

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9/17/2019 All Things To All People Oregonbuiness.com https://www.oregonbusiness.com/article/professional-services/item/18860-all-things-to-all-people

These days it is getting harder to

compete as a small law firm with a

limited number of practice areas. Corporate clients increasingly want to deal with just one law firm for all their needs – whether that is tax, real estate planning, immigration and so on.

09/12/2019 Dentons announces mergers with two firms in Lusophone Africa

Iberian Lawyer http://www.iberianlawyer.com/news/news/9187-dentons-announces-mergers-with-two-firms-in-lusophone-africa

As part of a strategy aimed at becoming the first "Pan-African law firm owned and controlled by Africans", Dentons has revealed it will combine with LEAD Advogados in Angola and Fernanda Lopes & Associados Advogados in Mozambique. In addition, the firm will also merge with Sayarh & Menjra in Morocco, Kyagaba and Otatiina Advocates in Uganda, and Eric Silwamba, Jalasi and Linyama Legal Practitioners in Zambia.

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09/10/2019 Occupational health firms merge to create new business

TheBusinessDesk.com https://www.thebusinessdesk.com/northwest/news/2047780-occupational-health-firms-merge-to-create-new-business

Two firms have merged to create one of the largest occupational health firm in the North West. Manchester based Healthwork and Stoke-on-Trent firm Hobson Health have joined forces. The new firm will also be one of the largest occupational health training organisations in the country, providing training for clinical staff to maintain the highest standards of care.

09/05/2019 U.S. Firms Are Drawn to Singapore Despite the Barriers to Entry

Law.com https://www.law.com/americanlawyer/2019/09/05/u-s-firms-are-drawn-to-singapore-despite-the-barriers-to-entry-405-41441/

Singapore has been on many minds lately because of Hong Kong, where occasional protests have now turned quotidian and violent. For the first time in a long while, people are concerned with the overall stability of Hong Kong as unrest persists. But Singapore is by no means an easy market for foreign law firms.

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09/03/2019 International firms call off transatlantic merger

Australasian Lawyer https://www.australasianlawyer.com.au/news/international-firms-call-off-transatlantic-merger-265912.aspx?keyword=merger

Allen & Overy and O’Melveny & Myers initially denied reports that were considering a merger in April 2018 and expectation has been rising of a new transatlantic behemoth since.

But the speculation ended when A&O issued a statement that “despite agreeing that there were some compelling synergies between us and that it was sensible to explore a possible deal in some detail, we have mutually decided not to continue these discussions.”

07/27/2019 Top immigration law firms join forces

The West Australian https://thewest.com.au/business/mergers-and-acquisitions/top-immigration-law-firms-join-forces-ng-b881227047z

Now called Zurbaran Abogados, the firm will cover all practice areas except transport with offices in Madrid, Seville and Zaragoza. The firm said the partners already have strong relationships with each other, having worked together in the past.

07/19/2019 Penningtons Manches completes merger with shipping specialist Thomas Cooper

Cambridge Independent https://www.cambridgeindependent.co.uk/business/penningtons-manches-completes-merger-with-shipping-specialist-thomas-cooper-9077015/

Penningtons Manches, the law firm with an office in Cambridge, has completed its merger with Thomas Cooper, extending its international reach and ensuring European access post-Brexit.

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07/09/2019 Volume of mergers dips as larger deals slow

Indiana Lawyer https://www.theindianalawyer.com/articles/50800-volume-of-mergers-dips-as-larger-deals-slow

So far in 2019, the volume of combinations has declined 10 percent since this time last year due to a slowdown in larger deals, https://files.constantcontact.com/cb194b59701/a7e4c9bb-7d0a-464a-b88c-f8d2314ab6a6.pdf An average of five acquisitions of firms with 20 or more lawyers was present during each quarter in 2017 and 2018. But in the first six months of 2019, there have been just three mid-sized and large combinations.

06/29/2019 Seattle Firms Foster Pepper, Garvey Schubert Barer to Merge

Law.com https://www.law.com/therecorder/2019/06/17/seattle-firms-foster-pepper-garvey-schubert-barer-to-merge/?slreturn=20190627145721

Law-firm mergers occur more and more frequently each year. Beyond due diligence, much inner searching and deliberation must be conducted. The ABA provides an example of how to do it successfully.

06/25/2019 The Two Women Who Put a Billion Dollar Law Firm Together

LawFuel https://www.law.com/legal-week/2019/03/01/dwf-continues-australia-expansion-merges-with-melbourne-boutique/

Women lawyers may have their challenges in the law, but when they rise to them there can be an unstoppable momentum, such as the two power lawyers who lead the Big Law merger of Bryan Cave and Berwin Leighton Paisner.

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6/18/2019 Dentons to open in Zimbabwe African Law and Business

https://www.africanlawbusiness.com/news/9696-dentons-to-open-in-zimbabwe

The world’s largest law firm Dentons has announced plans to merge with MawereSibanda, giving it a presence in Zimbabwe. Dentons global chief executive Elliott Portnoy said the combination “builds upon our strategy to become the first pan-African law firm owned and controlled by Africans.”

06/12/2019 Law firm Thomas Cooper completes merger to expand fintech expertise

Global Trade Review https://www.gtreview.com/news/on-the-move/law-firm-thomas-cooper-completes-merger-to-expand-fintech-expertise/

Thomas Cooper is a specialist law firm with expertise in maritime law, trade and commodities finance and international arbitration, with offices in London, Paris, Madrid, Piraeus, Singapore and São Paulo. Penningtons Manches, meanwhile, which has offices in London, the south east of England and San Francisco, specializes in immigration, private wealth, corporate and project finance, technology, tax and insolvency and restructuring.

06/10/2019 Shuaa Capital nears merger with Abu Dhabi's ADFG

TheNational.ae http://www.thebusinessdesk.com/yorkshire/news/2033467-law-firm-expands-to-14-offices-following-latest-merger

ADFG bought a 48.36 per cent stake in Shuaa in 2016 and strategized to turn around the struggling investment bank, which fell on hard times following the 2008 financial crisis. The plan focused on growing assets under management, leveraging its balance sheet and expanding its business in Saudi Arabia and Egypt.

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06/03/2019

Greenberg Traurig Lands in Italy

LeadersLeague.com https://www.leadersleague.com/en/news/greenberg-traurig-lands-in-italy

American law firm Greenberg Traurig (GT) has strengthened its presence in the Italian market with the opening of an office in Milan in partnership with long established local law firm Santa Maria. For several years now, professionals in the legal services market have underlined the increased strategic importance of US-Italian relations. GT has a large presence in Europe with offices in London, Amsterdam, Berlin and Warsaw.